Why you should commence your Blaby lease extension

Why you should start your Blaby lease extension today:

Increase your lease and increase your Blaby property value

The only way is down when it comes to Blaby lease terms. Blaby properties that have a lease term fewer than eighty years will drop in market price even faster, and the cost of extending your lease will go up.

Blaby property with a lease extension has roughly the same value as a freehold

Leasehold properties in Blaby with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not finance a property on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as deficient for lending purposes.

Why use us for your lease extension in Blaby?

Regardless of whether you are a tenant or a freeholder in Blaby,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Blaby valuers.

Blaby Lease Extension Case Studies:

Rhiannon, Blaby, Leicestershire,

Subsequent to lengthy negotiations with the freeholder of her studio apartment in Blaby, Rhiannon initiated the lease extension process just as her lease was approaching the all-important 80-year threshold. The transaction was finalised in February 2009. The freeholder’s fees were negotiated to below 450 GBP.

Blaby case:

In 2013 we were phoned by Dr Nathan Moore who, having moved into a one bedroom flat in Blaby in April 2001. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparable residencies in Blaby with a long lease were valued about £250,000. The average ground rent payable was £50 invoiced annually. The lease expiry date was on 17 April 2095. Considering the 69 years left we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.

Blaby case:

In 2009 we were called by Mr and Mrs. C Gray who, having was assigned a lease of a first floor flat in Blaby in March 2000. The question was if we could estimate the price could be for a ninety year extension to my lease. Identical homes in Blaby with an extended lease were in the region of £285,000. The average ground rent payable was £55 billed annually. The lease elapsed on 3 June 2106. Taking into account 80 years left we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including professional charges.